Thank you for reading the news about SABB Takaful. My Takaful policies are renewed for group sponsorship and property insurance with SABB and now with details
The company said, in a statement to the Tadawul financial market website, today, Monday, that the total contribution to the property insurance policy is more than 1% of the revenues, according to the audited financial statements of SABB Takaful 2019, with a subscription value of 3.179 million Saudi riyals.
Also, the total contribution to the Group Care Takaful policy is more than 1% of the revenues according to the audited financial statements of SABB Takaful 2019, with a subscription value of SAR 3.587 million.
The company confirmed that no preferential treatment has been given in this policy and that it is within the company’s normal business activity.
The financial impact of the document is expected to appear in the company’s financial results in 2020.
It should be noted that the company’s business results revealed earlier, a decrease in losses by 5.5% during the second quarter ending on June 30, 2020.
The company said, in a previous statement to the Tadawul financial market website, that it achieved a net loss of 1.5 million riyals, compared to losses of 5.5 million riyals in the corresponding quarter of 2019.
The company attributed the decrease in losses during the second quarter ending on 30 June 2020 to a decrease in the total underwriting costs and expenses by 16%, which is mainly due to the decrease in net claims and other benefits incurred in addition to the favorable change in the applicable risk reserve partially offset by an increase in the costs of acquiring documents.
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